Buying a condo in Florida in 2026 looks simple from the listing photos — waterfront balcony, resort-style pool, move-in ready. But the market has changed. The 2021 Surfside collapse triggered new state laws that have reshaped condo finances, and the old rule of thumb ("the association will cover it") no longer applies.
The key to avoiding a bad deal comes down to five questions. Ask them before you make an offer, and you'll know whether that seemingly affordable unit is a genuine find or a future financial headache.
1. Does this building have a current Structural Integrity Reserve Study (SIRS)?
Since January 1, 2026, every Florida condo building three or more habitable stories must have a completed Structural Integrity Reserve Study (SIRS) on file (Mosaic HOA). This is a professional engineer's assessment of the building's roof, structure, fireproofing, plumbing, electrical, waterproofing, windows, and exterior doors — along with a funding plan to pay for their eventual replacement.
If the building can't produce a completed SIRS, that's a serious red flag. Not only does it mean deferred maintenance was likely kicked down the road for years, but your lender may also refuse to write a conventional mortgage. Buildings without a SIRS are increasingly classified as "non-warrantable" — meaning Fannie Mae and Freddie Mac won't back loans for units in that building (Mosaic HOA). Some 696 buildings were blacklisted as of early 2026.
2. Are the structural reserves fully funded?
A SIRS on its own isn't enough. The question is whether the association is actually funding the reserves the study recommends. As of January 1, 2026, Florida law no longer allows associations to vote to waive or reduce funding for structural reserve components (Criterium-Cromer). That means the days of artificially low fees that hid deferred maintenance are over.
But not every building is compliant yet. Buildings that already funded reserves before the mandate needed special assessments or loans only 34 percent of the time — while those that had been waiving reserves needed them 62 percent of the time (Mosaic HOA). If a building's fees look suspiciously low for its age and location, that's a sign deferred maintenance may surface as a special assessment.
3. Are there pending or planned special assessments?
Even well-funded buildings can levy special assessments for unexpected repairs. The difference is that compliant buildings do it far less often. Associations that were funding reserves needed special assessments or loans only 34 percent of the time, per SIRS data — while buildings that had been waiving reserves needed them 62 percent of the time (Mosaic HOA).
Ask your real estate agent for the association's meeting minutes from the past two years. Look for discussions about roof repairs, concrete restoration, elevator modernization, or parking garage work. Then request the estoppel letter from the association — it will list any current or pending special assessments that you'll inherit as the new owner. Some South Florida buildings have faced per-unit assessments of $25,000 to $60,000, with isolated cases exceeding $134,000 (Mosaic HOA).
4. What are the rental and pet restrictions?
Your COA's declaration of covenants, bylaws, and rules are legally binding documents that survive closing. These can limit how you use your own property in ways a first-time buyer may not expect. Many Florida associations impose rental caps — a limit on what percentage of units can be leased at any time — and some require minimum lease terms of six or twelve months. Short-term rentals (Airbnb, VRBO) are banned outright in many buildings.
Pet restrictions vary just as widely. Weight limits, breed restrictions, and caps on the total number of pets can all be written into the governing documents. The time to discover these rules is before you make an offer, not after. Ask your agent for the full set of governing documents and read the sections on leasing and pets carefully.
5. How much has the master insurance policy increased?
Florida's property insurance market has been under severe pressure for years, and condo associations aren't immune. Your COA's master policy covers the building structure and common areas — and when that premium spikes, the increase flows through to your monthly fee. Some South Florida associations have seen master policy premiums double or triple in a single renewal cycle.
Ask for the association's most recent budget and compare the insurance line item from two years ago to today. If there's been a sharp increase, the board may have raised fees or may be considering a special assessment to cover the gap. Also confirm whether the building is windstorm-qualified — some carriers are declining to renew policies on buildings that don't meet updated standards.
What to do next
Ask these five questions before making an offer. They won't take more than a day to research, but they could save you thousands.
Get pre-approved with a lender who understands Florida condo financing — some lenders won't work with buildings that haven't completed their SIRS.
Request the documents: SIRS report, reserve study, estoppel letter, and two years of meeting minutes. You're legally entitled to them.
Read the governing documents for rental caps and pet restrictions. Don't skip this — they're binding the day you close.
Compare the fee against comparable buildings in the same area. If it's well below market rate, ask why.
Work with a real estate agent who specializes in condos and understands the 2026 regulatory landscape. The right agent will flag problem associations before you fall in love with a unit.
